Caseware UK (AP4) 2022.0.179 2022.0.179 2023-09-302023-09-302022-10-01falseSale of used cars and light motor vehicles1612falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06694348 2022-10-01 2023-09-30 06694348 2021-10-01 2022-09-30 06694348 2023-09-30 06694348 2022-09-30 06694348 2021-10-01 06694348 c:Director1 2022-10-01 2023-09-30 06694348 d:Buildings 2022-10-01 2023-09-30 06694348 d:Buildings 2023-09-30 06694348 d:Buildings 2022-09-30 06694348 d:Buildings d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 06694348 d:Buildings d:LongLeaseholdAssets 2022-10-01 2023-09-30 06694348 d:PlantMachinery 2022-10-01 2023-09-30 06694348 d:FurnitureFittings 2022-10-01 2023-09-30 06694348 d:OfficeEquipment 2022-10-01 2023-09-30 06694348 d:OtherPropertyPlantEquipment 2022-10-01 2023-09-30 06694348 d:OtherPropertyPlantEquipment 2023-09-30 06694348 d:OtherPropertyPlantEquipment 2022-09-30 06694348 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 06694348 d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 06694348 d:CurrentFinancialInstruments 2023-09-30 06694348 d:CurrentFinancialInstruments 2022-09-30 06694348 d:Non-currentFinancialInstruments 2023-09-30 06694348 d:Non-currentFinancialInstruments 2022-09-30 06694348 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 06694348 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 06694348 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 06694348 d:Non-currentFinancialInstruments d:AfterOneYear 2022-09-30 06694348 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-09-30 06694348 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-09-30 06694348 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-09-30 06694348 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-09-30 06694348 d:ShareCapital 2023-09-30 06694348 d:ShareCapital 2022-09-30 06694348 d:RetainedEarningsAccumulatedLosses 2023-09-30 06694348 d:RetainedEarningsAccumulatedLosses 2022-09-30 06694348 c:OrdinaryShareClass1 2022-10-01 2023-09-30 06694348 c:OrdinaryShareClass1 2023-09-30 06694348 c:OrdinaryShareClass1 2022-09-30 06694348 c:FRS102 2022-10-01 2023-09-30 06694348 c:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 06694348 c:FullAccounts 2022-10-01 2023-09-30 06694348 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 06694348 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 06694348 d:AcceleratedTaxDepreciationDeferredTax 2022-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 06694348









AUTO-SPORTIVA LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
AUTO-SPORTIVA LIMITED
REGISTERED NUMBER: 06694348

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
                                                                       Note
£
£

Fixed assets
  

Intangible assets
  
-
-

Tangible assets
 5 
79,575
97,472

  
79,575
97,472

Current assets
  

Stocks
 6 
4,335,893
5,335,764

Debtors: amounts falling due within one year
 7 
204,572
160,692

Cash at bank and in hand
 8 
294,067
550,444

  
4,834,532
6,046,900

Creditors: amounts falling due within one year
 9 
(2,838,767)
(3,331,646)

Net current assets
  
 
 
1,995,765
 
 
2,715,254

Total assets less current liabilities
  
2,075,340
2,812,726

Creditors: amounts falling due after more than one year
 10 
(688,360)
(1,502,091)

Provisions for liabilities
  

Deferred tax
  
(15,906)
(15,715)

Net assets
  
1,371,074
1,294,920


Capital and reserves
  

Called up share capital 
 13 
100,000
100,000

Profit and loss account
  
1,271,074
1,194,920

  
1,371,074
1,294,920


Page 1

 
AUTO-SPORTIVA LIMITED
REGISTERED NUMBER: 06694348
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




W Lee-Kemp Esq
Director

Date: 14 March 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
AUTO-SPORTIVA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Auto-Sportiva Limited is a private company limited by share capital and incorporated in England and Wales. The address of the registered office is Unit 10 Adam's Wharf Business, Park Branbridges Road, East Peckham, Tonbridge, Kent, TN12 5HD.  The principal activity of the company is the retail of second hand motor vehicles, together with car wash and valeting services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
AUTO-SPORTIVA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset

 
2.4

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 4

 
AUTO-SPORTIVA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
AUTO-SPORTIVA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Leasehold Property
-
20%
straight line
Plant & machinery
-
33%
straight line
Fixtures & fittings
-
33%
straight line
Office equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.

 
2.11

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
AUTO-SPORTIVA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Other operating income

2023
2022
£
£

Commissions receivable
216,803
304,152

216,803
304,152



4.


Employees

The average monthly number of employees, including directors, during the year was 16 (2022 - 12).

Page 7

 
AUTO-SPORTIVA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Tangible fixed assets





Land and buildings
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 October 2022
125,607
27,316
152,923


Additions
15,949
775
16,724



At 30 September 2023

141,556
28,091
169,647



Depreciation


At 1 October 2022
41,261
14,190
55,451


Charge for the year on owned assets
26,059
8,562
34,621



At 30 September 2023

67,320
22,752
90,072



Net book value



At 30 September 2023
74,236
5,339
79,575



At 30 September 2022
84,346
13,126
97,472


6.


Stocks

2023
2022
£
£

Finished goods and goods for resale
4,335,893
5,335,764

4,335,893
5,335,764


Page 8

 
AUTO-SPORTIVA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
166,377
123,653

Other debtors
31,780
34,788

Prepayments and accrued income
6,415
2,251

204,572
160,692



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
294,067
550,444

Less: bank overdrafts
(2,291,879)
(2,737,089)

(1,997,812)
(2,186,645)



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
2,291,879
2,737,089

Bank loans
10,000
10,000

Trade creditors
202,352
242,648

Corporation tax
76,190
145,185

Other taxation and social security
74,002
25,232

Other creditors
179,384
166,767

Accruals and deferred income
4,960
4,725

2,838,767
3,331,646


Bank overdrafts amounting to £2,291,879 (2022: £2,737,089) are secured by way of a fixed charge over the stock of the company.

Page 9

 
AUTO-SPORTIVA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
16,667
26,667

Other creditors
671,693
1,475,424

688,360
1,502,091



11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000

Amounts falling due 1-2 years

Bank loans
10,000
10,000

Amounts falling due 2-5 years

Bank loans
6,667
16,667

26,667
36,667



12.


Deferred taxation




2023
2022


£

£






At beginning of year
(15,715)
(20,154)


Credited/(charged) to profit or loss
(191)
4,439



At end of year
(15,906)
(15,715)

Page 10

 
AUTO-SPORTIVA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
 
12.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(15,906)
(15,715)

(15,906)
(15,715)


13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100,000 (2022 - 100,000) Ordinary shares of £1.00 each
100,000
100,000



14.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £13,961 (2022: £10,183). The amount unpaid at the year end and included within other creditors amounted to £3,647 (2022: £3,486).


15.


Controlling party

W Lee-Kemp Esq is the ultimate controlling party.

 
Page 11